26 November 2024
4 min read
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In November, we had the privilege of hosting a thought-provoking lunch session with leading experts in renewable energy. The event focused on the opportunities and challenges that Australia faces as it transitions to a low-carbon economy.
The keynote speaker for the day was the Honourable Matt Kean MP, Chair of Climate Change Authority, who set the stage with a presentation on the urgent need for action on climate change, grounded in findings from the latest climate reports. Matt Kean also emphasised the importance of policy recommendations and strategic plans presented to the government to accelerate the shift towards sustainable energy.
The session unfolded into a dynamic discussion, exploring five key themes that are central to Australia's journey toward a greener economy.
Matt Kean began by reflecting on recent national disasters—droughts, wildfires, and floods—that have struck Australia, resulting in some of the highest economic costs in the nation's history. The increasing frequency and intensity of these events underscore the urgency of climate action. Matt Kean highlighted that without decisive action, the economic and social costs of climate-related disasters will continue to escalate, affecting livelihoods and long-term economic stability.
A central theme was the need to carve out a clear pathway for the adoption of renewable energy technologies. Matt Kean emphasised the importance of government support to facilitate this transition, urging policymakers to streamline processes and commit to long-term investments. The keynote addressed the critical role of the Climate Change Authority’s annual report that provides a recommended trajectory for reducing emissions while ensuring economic viability. The report can be accessed here.
Australia has the potential to become a major player in renewable energy exports, reducing its reliance on fossil fuels. With strategic investments in solar, wind, and Battery Energy Storage Systems (BESS), Australia could climb from its current position of having the 17th highest electricity costs to becoming the third most cost-effective producer in the world. This would not only enhance Australia's global competitiveness but also create new job opportunities and stimulate regional development.
An essential aspect of driving Australia’s ecological transformation is the role of foreign investment. Australia's foreign investment policy, overseen by the Foreign Investment Review Board (FIRB), plays a crucial role in ensuring that the country remains an attractive destination for global capital.
The guests emphasised the need to streamline foreign investment procedures and timeframe to make Australia more attractive to investors, especially in the renewable energy sector. By leveraging foreign capital, Australia can accelerate the development of large-scale clean energy projects, enhance infrastructure, and promote innovations in green technology.
Moreover, participants highlighted that by fostering a transparent and investor-friendly regulatory environment, Treasury could help channel significant investments into renewable projects that align with Australia's climate goals. This approach would not only support Australia’s ecological transformation but also ensure long-term economic growth and sustainability.
A recurring theme throughout the session was the need for reform in Australia's planning laws and environmental protection frameworks. The current processes are seen as too lengthy and complex, creating barriers to the timely development of renewable energy projects. Participants called for an overhaul of the Environmental Protection and Biodiversity Conservation (EPBC) Act to reduce bottlenecks and facilitate faster project approvals. Streamlining planning regulations would accelerate Australia's transition to a sustainable energy future, ensuring that the country remains competitive in the global clean energy market.
The lunch session concluded on a hopeful note, with participants agreeing that Australia's transition to a low-carbon economy presents a unique opportunity to drive sustainable economic growth.
By leveraging its abundant natural resources, attracting foreign investment, and implementing targeted reforms, Australia can not only reduce its carbon footprint but also position itself as a leader in renewable energy exports. However, the path ahead requires a collaborative effort between government, industry, and communities to overcome existing challenges and seize the opportunities that lie ahead.
If you would like to learn more about Australia’s journey to net-zero, visit our renewable energy page here. We welcome you to speak to us or contact us here if you have any questions.
Disclaimer
The information in this article is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this article is accurate at the date it is received or that it will continue to be accurate in the future.
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